CALGARY, Dec. 20 /CNW/ - IROC Energy Services Corp. ("IROC" or the
"Company") (TSX Venture Exchange: "ISC") announced today that it has
received approval from the TSX Venture Exchange to renew its normal
course issuer bid (the "Bid"). Pursuant to the renewed Bid the Company
may purchase, through the facilities of the TSX Venture Exchange, up to
a maximum of 4,266,197 of its common shares, representing 10% of IROC's
42,661,970 issued and outstanding common shares. Purchases by IROC
under the Bid may commence on December 24, 2010 and will end no later
than December 23, 2011.
All common shares purchased under the Bid will be cancelled, increasing
the respective proportionate share interests of all remaining
shareholders. In any 30 day period purchases under the Bid may not
exceed 2% of the common shares issued and outstanding at the time the
purchases are made. IROC will pay the market price of its common shares
on the TSX Venture Exchange at the time of acquisition and no purchases
will be made other than by means of open market transactions during the
period the Bid is outstanding.
IROC is renewing the Bid because the Company continues to believe that,
depending on the trading price, its common shares may from time to time
be undervalued and may not reflect the financial strength and net asset
value of the Company and, accordingly, the Bid is in the best interest
of its shareholders.
Under its current normal course issuer bid, which will expire on
December 23, 2010, IROC purchased 1,120,648 common shares, representing
approximately 2.63% of the Company's outstanding shares on December 20,
2010, at an average price of approximately $0.923 per common share.
Publicly reported information for IROC Energy Services Corp. is
available at www.sedar.com.
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that,
through the IROC Energy Services Partnership, provides a diverse range
of products, services and equipment to the oil and gas industry that
are among the newest and most innovative in the WCSB and international
markets. IROC combines cutting-edge technology with depth of experience
to deliver a product and services offering in three core areas: Well
Servicing & Equipment, Downhole Temperature & Pressure Monitoring
Tools, and Rental Services. For more information on IROC Energy
Services Corp. visit our website at www.iroccorp.com.
This press release is not for dissemination in United States or to any
United States news services. The Common Shares of IROC have not and
will not be registered on the United States Securities Act of 1933, as
amended (the "United States Securities Act") or any state securities
laws and are not offered or sold in the United States or to any US
person except in certain transactions exempt from the registration
requirements of the United States Securities Act and applicable state
securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
